Billionaires Bail on Tax Payments

Rich and politically connected folks have been saving a bundle through tax shelters. It's cost Uncle Sam $40-billion a year. That's money the rest of us taxpayers have to make up.

A Senate committee will release a 370-page report detailing how millionaires and billionaires are getting out of paying taxes by using shell companies and trusts on the Isle of Man.

Among the rich and famous listed:

• Robert Wood Johnson IV -- NY Jets owner
• Sam & Charles Wyly -- brothers who've bankrolled President Bush's campaigns
• Haim Saban -- Democratic Party fundraiser who made it big selling "Mighty Morphin Power Rangers"

Ain't that rich? (WashPost)